sec.20Quinquennial valuation

sec.20 Quinquennial valuation

Once at least in every 5 years the registrar shall, in relation to the funeral benefit business of a corporation, cause the assets thereof in the fund and the benefits trust fund, including moneys payable therein whether actually paid in or not, and the liabilities thereof required to be met from those funds, whether as benefits or otherwise, pursuant to this part to be valued by the State actuary. The registrar may, after consultation with the State actuary, dispense with such a valuation for such period or periods as the registrar thinks fit in respect of a corporation where, having regard to the purposes or nature of the operations of the funeral benefit business carried on by it, the registrar deems such a valuation to be inapplicable or unnecessary for the period or periods in question. A corporation shall make available to the registrar such information, data, books, accounts, documents and other writings as the registrar may require for the purposes of the valuation. Maximum penalty—2 penalty units. An offence against subsection (3) is a continuing offence and may be charged in 1 or more complaints for periods the offence continues. Maximum penalty for each day the offence continues after a conviction against subsection (3) —1 penalty unit. On the completion of the valuation the State actuary shall send to the registrar for transmission to the corporation an abstract of the results of the valuation and a report thereon. In sections 21 and 22 , a reference to assets or to liabilities is a reference to assets or, as the case may be, liabilities as referred to in subsection (1) . s 20 amd 2003 No. 73 s 146 (sec.20-ssec.1) Once at least in every 5 years the registrar shall, in relation to the funeral benefit business of a corporation, cause the assets thereof in the fund and the benefits trust fund, including moneys payable therein whether actually paid in or not, and the liabilities thereof required to be met from those funds, whether as benefits or otherwise, pursuant to this part to be valued by the State actuary. (sec.20-ssec.2) The registrar may, after consultation with the State actuary, dispense with such a valuation for such period or periods as the registrar thinks fit in respect of a corporation where, having regard to the purposes or nature of the operations of the funeral benefit business carried on by it, the registrar deems such a valuation to be inapplicable or unnecessary for the period or periods in question. (sec.20-ssec.3) A corporation shall make available to the registrar such information, data, books, accounts, documents and other writings as the registrar may require for the purposes of the valuation. Maximum penalty—2 penalty units. (sec.20-ssec.3A) An offence against subsection (3) is a continuing offence and may be charged in 1 or more complaints for periods the offence continues. Maximum penalty for each day the offence continues after a conviction against subsection (3) —1 penalty unit. (sec.20-ssec.4) On the completion of the valuation the State actuary shall send to the registrar for transmission to the corporation an abstract of the results of the valuation and a report thereon. (sec.20-ssec.5) In sections 21 and 22 , a reference to assets or to liabilities is a reference to assets or, as the case may be, liabilities as referred to in subsection (1) .